Alessio Chiesa ...
  • Raffaella Tenconi

EME Macro/Strategy: Shock therapy to curb inflation, but test institutions and keep FX pressure high

Over the last few weeks, the sharp hawkish message of the Federal Reserve, and the worsening of the tensions between the EU/US and Russia, have sharply escalated the risk that we are heading for a global downturn of the severity of the 2008 crisis, and the complexity of the 2020 pandemic. The data available show that, in September, the economic slowdown that was beginning to become apparent in August has accelerated and has spread to all sectors. The energy crisis is forcing all the EU member states to save on energy and is beginning to bring congestion to the production chains. Thus, we now expect to see an increase in unemployment in the coming months. Global trade is likely to suffer materially from the synchronised monetary tightening, exacerbated by the Fed taking the policy rate into highly-restrictive territory within the next few months.
Wood and Company
Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

Alessio Chiesa

Raffaella Tenconi

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